<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

National Australia Bank (NAB) has brought forward the timing of the first RBA cash rate cut by three months.

NAB is now expecting a cut in February, in line with ANZ and Westpac, having initially thought a cut wouldn't come until May.

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB changed its call following the August monthly inflation figures that were released at the end of September, showing it had dropped to 2.7 per cent.

"The risk has been skewed to a first cut earlier in 2025, and today’s change acknowledges the balance of risks has likely shifted sufficiently for the RBA to feel comfortable cutting a little sooner than we earlier expected," NAB noted in its latest update.

They added that the cadence of the cuts may be faster than its central profile.

"Domestic inflation pressures are cooling, but only gradually, and we continue to expect the conditions for a cut will not be in place this year.

NAB believes the easing cycle will end at 3.1 per cent by early 2026, which is five cuts from the current 4.35 per cent cash rate.&nbsp;

CBA also thinks 3.1 per cent will mark the end of the cutting cycle, while Westpac is forecasting 3.35 per cent, and ANZ is the most pessimistic at 3.6 per cent, which would be just three interest rate cuts.

<h2>What would a rate cut in February look like for borrowers?</h2>

According to&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2vK2ujS77CHs9VRvSSXzLC" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG" target="_blank">Canstar</a>, if there is a cut in February, a borrower with a $600,000 loan today and 25 years remaining would see their monthly repayments drop by $92.&nbsp;

<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td colspan="3">
			Impact of 0.25% pt cut in February 2025
			</td>
		</tr>
		<tr>
			<td>
			Current loan size
			</td>
			<td>
			Drop in monthly repayment
			</td>
			<td>
			New monthly repayment
			</td>
		</tr>
		<tr>
			<td>
			$600,000
			</td>
			<td>
			-$92
			</td>
			<td>
			$3,907
			</td>
		</tr>
		<tr>
			<td>
			$750,000
			</td>
			<td>
			-$114
			</td>
			<td>
			$4,884
			</td>
		</tr>
		<tr>
			<td>
			$1M
			</td>
			<td>
			-$153
			</td>
			<td>
			$6,512
			</td>
		</tr>
		<tr>
			<td colspan="3">
			Source:&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2qVnp6oqATgqDUi2Frm22q" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL" target="_blank">www.canstar.com.au</a>. Starting rate is the RBA existing average owner-occupier variable rate of 6.36%. Assumes banks pass the cash rate cut on in full the month after the meeting.
			</td>
		</tr>
	</tbody>
</table>

Canstar Data Insights Director, Sally Tindall, says if core inflation continues to track in the right direction, or unemployment starts to accelerate significantly, we could well see a cash rate cut as early as February of next year.

“All four big banks now believe the RBA will be ready to cut the cash rate in just over four months’ time, if not before, in the case of CBA.

“However, the outlook for both inflation and unemployment is still highly uncertain. A couple of wobbly sets of inflation data could see the RBA holding for longer, particularly if unemployment remains relatively steady."

&nbsp;

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB bring forward first RBA cut to February 2025

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Mortgage Choice and Smartline mortgage brokers will be able to offer their clients home loan products from Credit Union Australia (CUA) from March 1 following the lender’s decision to return to the third-party distribution market. 
CUA quit the broker space in mid-2008 in the wake of the GFC due to the increasing costs of sourcing mortgage funding. 
Before the GFC, the CUA was an active player in the broker space, writing about 30% of its mortgages via this distribution channel. 
Darrin Northey, CUA’s group general manager for distribution, says the credit union had been looking to re-engage with the broker network for some time. 
He believes the move will help ensure its home loans are even more widely available to customers and available in the same space as products from the major banks. 
“Given around one in four homebuyers seeks out a home loan via a broker, CUA’s re-entry into the network means we will be expanding the reach of our products to a greater potential audience,” he says. 
“We have been planning our re-entry into the broker network for some time and are confident that now is the right time, with the right commercial terms, for us to make that move. 
CUA was one of the few lenders to leave their standard variable rate unchanged in February after the ANZ’s rate rise sparked <a target="_blank" href="/news">most lenders to raise their rates outside of the RBA cycle</a>. 
CUA currently offers a standard variable rate of 6.72%, which is 0.59% lower than the 7.31% offered by NAB, the cheapest of the big four banks.
In its 2011 annual results, CUA revealed it had total assets under management of $9 billion, up $860 million since June last year.
 
 
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lschlesinger-FZcF9M3vE6

CUA to offer home loans via Mortgage Choice and Smartline brokers

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The proportion of people that feel satisfied when they refinance their mortgage has picked up recently but is still tracking well below satisfaction levels before the GFC, according to research compiled by the Mortgage and Finance Association of Australia (MFAA).
In September 2011, two months before the RBA introduced the first of its two rate cuts in November and December, research by MFAA shows that just under two-thirds (65%) of those who refinanced their mortgage were satisfied with the outcome.
This was up on the 53% satisfaction rating in May 2011 but well below the high of just under 80% who said they were satisfied in November 2008 – a period when the RBA was cutting rates by as much as 1% a month as the financial crisis deepened.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/naylor.gif"><img src="/images/stories/naylorthumb.gif"></a>
The proportion of people that feel satisfied when they refinance their mortgage has picked up recently but is still tracking well below satisfaction levels before the GFC, according to research compiled by the Mortgage and Finance Association of Australia (MFAA).
In September 2011, two months before the RBA introduced the first of its two rate cuts in November and December, research by MFAA shows that just under two-thirds (65%) of those who refinanced their mortgage were satisfied with the outcome.
This was up on the 53% satisfaction rating in May 2011 but well below the high of just under 80% who said they were satisfied in November 2008 – a period when the RBA was cutting rates by as much as 1% a month as the financial crisis deepened. 
However, since then the percentage of borrowers satisfied with their refinancing decision has fallen steadily.
MFAA chief executive Phil Naylor says if one looks beyond the timeline of the chart to 2004, the percentage of borrowers satisfied was close to 90%.
According to Naylor, one of the reasons for this decline would be that there were more lenders on the market between 2004 and 2007.
“Non-bank lenders were still in the market and there were genuine choices as were you could go to refinance,” he says.
Naylor says the golden rule of refinancing is “you must be better off”.
For more expert tips on refinancing your mortgage download Property Observer’s free ebook: <a href="http://propertyobserver.com.au/ebooks/free-ebook-12-tips-for-refinancing-your-mortgage" target="_blank">12 tips for refinancing your mortgage</a>.
 
 
 
 
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More borrowers refinancing, but they’re not happy about it: MFAA

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Kevin Rudd’s housing initiative – the first-home saver account (FHSA) incentive – is gaining traction among first-home buyers, despite the abandonment of the scheme by the Commonwealth and ANZ banks.
The scheme, which was a major election initiative of the incoming Rudd government in 2007, now has 33,000 account holders, according to the latest figures from the Australian Prudential Regulation Authority.
During the first nine months of 2011, the scheme attracted more than 7,400 new account holders.
As of September 2011, there were 33,000 FHSA accounts, up 87% since March 2010. There’s an average $7600 in each account, for a combined total of $251 million.
But the tally is unlikely to ever reach the scheme’s target of 700,000 first-home savers. It was envisaged for 2012.
The take-up of the savings scheme was clouded by the first-home owner boost scheme, which ran from October 2008 to the end of 2009 and encouraged first-home buyers to purchase a home sooner rather than save.
The increase has come despite the Commonwealth Bank, the nation's largest home lender, dumping the scheme in August, and the ANZ ceasing to take any new savings accounts in October last year.
There are 16 financial institutions offering the accounts, mostly credit unions. The CBA and ANZ were the only two of the big four to take up the initiative, leaving first-home buyers to go to only the ME Bank and AMP Bank.
The credit unions offering the accounts include Teachers Credit, Hume Building Society, Credit Union SA and the Big Sky Credit Union.
The scheme aims to help first-time buyers save for a deposit for their first homes.  Under the FHSA, the government contributes 17% on the first $5,500 of individual contributions made each year. Account holders are required to keep savings in the FHSA for four financial years before they can use the funds to buy a home.
The government amended the scheme last May to allow savings in an account to be paid into an approved mortgage after the end of a minimum four-year qualifying period, rather than requiring the money to be paid into a superannuation account.
Under the original policy, if the account holder bought a home before the end of that four-year period, the balance of their account was required to be transferred into the borrower’s superannuation fund so that it remained in a concessionally taxed environment.
In April 2008 the then prime minister conceded the scheme’s design was "complex".
Responding to submissions to a Treasury inquiry that argued the accounts were complex, Rudd said: "We don't pretend to get everything right on the first chop.”
"We're going to see what the public's got to say through these submissions and we'll finalise the design."
When the much-vaunted first home saver account schemes open in October 2008, the consumer group Choice noted the CBA was offering a return below the cash rate.
 
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jchancellor-FAypfDUnLy

Kevin Rudd’s first-home saver account initiative gaining traction, despite banks’ exit 

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Australian banks must resist the temptation of lowering credit standards or seeking out unfamiliar market to grow their lending books, APRA chairman John Laker has warned.
Delivering a speech to the Senate Standing Committee on Economics in Canberra this week, Laker says the challenge for banks is “coming to terms with ‘life in the slow lane’”.
“The Australian economy is expected to grow at around its trend pace over the next couple of years.
“However, if the current cautious approach of households and businesses towards taking on additional debt persists, authorised deposit-taking institutions are very likely to be denied the strong balance sheet growth that supported a sustained period of profit increases before the crisis.
“In these circumstances, boards and management may be tempted to chase unrealistic expectations for returns on equity by assuming more risk — through lowering credit standards or seeking new and unfamiliar markets where they may have little comparative advantage — or by aggressive cost-cutting that may weaken risk management capacities.
“These temptations must be resisted in favour of more measured strategic ambitions,” he says.
Laker’s comments come as the major banks highlighted rising wholesale funding costs and lower margins on mortgages.
In his speech, Laker highlighted three factors – the improvement in the US economy; a soft landing for the Chinese economy; and strong growth and the actions of the European Central Bank– that have lifted sentiment and improved conditions in global bank funding markets and allowed all the larger Australian banks to step up bond issuance.
 
 
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Banks must not take risks to achieve growth: APRA chairman

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Administrators of collapsed mortgage broker Refund Home Loans are expected to sign a contract in the next few days to sell the business to State Home Loans.

A letter sent to franchisees by the administrator and seen by Broker News states that an offer has been received from State Home Loans.

Under the conditions of the sale, as many franchisees "as possible" are required to continue to operate under the existing franchise agreement, but the new owner is not liable to for any debts to owed to franchisees including lender commissions or any breaches of franchise agreements by Refund prior to the sale.

As part of the agreement, the franchisees’ loan book will be transferred from Choice Aggregation Services to an unnamed aggregator.

ASIC information shows State Home Loans received a credit licence in January 2011. 

Refund Home Loans collapsed in October last year.
 
 
 
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Refund Home Loans to sell to State Home Loans

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I think it is fair to assume that for many borrowers, gone are the days when a 20-year mortgage is kept for the full term without some kind of alternation or refinancing taking place. 
A lot can happen over the life of a loan – in the last 20 years for instance changes have occurred including market reform, fluctuating interest rates, changing regulations, the emergence of new lenders and both the tightening and weakening of lending criteria, to name just a few. 
Thus, for many borrowers, the environment in which their mortgage was first acquired no longer exists or is vastly different, and it is likely that the original loan product obtained may not be appropriate nor the most cost-effective option for current conditions and personal circumstances. 
It is for this reason that it can be incredibly valuable for borrowers to establish an ongoing, working relationship with a mortgage broker, similar to that which may be enjoyed with a financial advisor or other professional consultant. 
By keeping in touch with a trusted mortgage expert borrowers can position themselves to ensure that they remain abreast of developments in the home loans market, and can act on fortuitous opportunities, such as to refinance or expand a portfolio, as they arise. 
I have seen many borrowers discount or even disregard the value that working to maintain such a relationship with a broker can achieve for them.  As a result these people will only have contact with their mortgage consultant periodically when their broker contacts them to make sure all is well. 
It is true that most professional brokers, if they are doing their job properly, will certainly be keeping an eye on their clients’ situations and those who are proactive will let their clients know about new opportunities to refinance or add value. 
However, if these interactions were not being initiated on the part of the broker, I am inclined to suspect that many borrowers would sit on their current mortgage without periodically investigating the newly available options – and potentially miss out on valuable cost savings as a result. 
In my experience, borrowers who maintain a working relationship with their mortgage brokers are at a big advantage, particularly as to do so doesn’t necessarily require a great deal of time.  While yes, it is reasonable to expect that your broker contacts you when attractive opportunities arise, don’t discount the value in taking steps to keep yourself front of mind for the broker so that you are the first client contacted when, for example, lenders release new packages, regulations change, or lending criteria alters in your favour. 
Often this requires only a coffee or lunch every now and then to catch up with your mortgage broker and have a chat about general market conditions and happenings, as well as your personal objectives and plans. 
The information that can be gained from such meetings is often invaluable, as you might find yourself privy to your broker’s concerns and insights into the current mortgage market – which could lead to further opportunities to invest or expand your portfolio. 
In addition, with more of an idea as to your property intentions and what you are comfortable with, your broker will be better placed to evaluate new mortgage options on your behalf. 
As a natural by-product of your effort and hospitality, you may just find that a working relationship with your broker is formed, whereby he or she is naturally more inclined to look out for your interests and alert you to valuable new opportunities as (or even before) they arise – putting you well ahead of other players and potentially saving you precious funds that can be directed to paying off your mortgage more quickly. 
There is no doubt that the home loans market can be a complex place to navigate, particularly for those property buyers who have not had a great deal of experience.  Dedicating some time to developing a relationship with a trusted mortgage broker can help you to make sure that you have an experienced professional watching out for your best interests – ensuring you make valuable savings where possible and have the most effective mortgage package available.
Charles Tarbey is chairman and owner of <a href="https://www.century21.com.au/" target="_blank">Century 21.</a> 
 
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Maximise your relationship with your mortgage broker

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Strong population growth, interest rates remaining at historically low level, “fierce competition between lenders” and low unemployment are some of the tailwinds that could prolong the recovery in the mortgage lending and housing market in 2012, according to Mortgage Choice CEO Michael Russell.
“Over the course of the calendar year, we’d like to see the market continue to rebound and there are reasonably strong tailwinds to suggest it just may,” Russell said following the release of “solid” interim results to December.
Mortgage Choice reported a 16.7% increase in loan approvals over the six-month period from $4.8 billion to $5.6 billion, with the mortgage broking franchise’s share of the home loan market rising from 4.1% to 4.5% over the six-month period, its highest level since 2006.
“The good news was the rebound in housing finance [over this reporting period] with December a particurlarly strong month with the highest value of commitments in two years,” says Russell.
“This auger well for housing finance market and all participants within it.”
However, he also noted a number of headwinds that could curtail the recovery, including the unpredictably created in the minds of consumers by the major banks moving rates outside of the RBA (“the new normal”), funding costs impacting lenders, the continued uncertainty in Europe, ongoing housing undersupply issues and consumers continuing to deleverage their debt and save more.
Despite the increased competition in lending Russell said attempts by the federal government to create a “fifth pillar” (through measures such as the ban on exit fees) outside of the big four banks had failed, with the smaller non-bank lenders and credit unions still struggling to penetrate the market.
The big four banks accounted for 60% of all loans approved by Mortgage Choice over the six-month period, unchanged since previous periods, with ANZ and the Commonwealth Bank accounting for 43% or more than two out of every Mortgage Choice loan approved.
Including big four bank subsidiaries Bankwest and St George, the major banks’ share of Mortgage Choice approvals stands at 76%.
Russell says non-banks and credit unions are struggling with higher funding costs than the major banks though many of them continue to offer cheaper rates then the major banks.
“It may be an issue of perceived flight to quality,” he says.
Taking a look at the bottom line, Mortgage Choice reported profits of $6.4 million for the six months to December 31, down 26% on the $8.8 million recorded in the previous six-month period to June 30 2011.
The drop in profit was attributed to higher operating expenses and lower-than-expected revenue from comparison website helpmechoose.com.au. The website made a $1 million loss for the six-month period.
Russell says the group has put in the necessary measures to remedy the results being achieved through the online venture and expects it to become profitable when full-year results are reported in mid-2012.
The group’s total loan book written by brokers in its franchise network and through aggregation arm LoanKit was up 5.6% to $43.5 billion.
Mortgage Choice grew the number of brokers in Loankit by 20% to 234 over the six-month period, with the business recording monthly settlements in excess of $100 million.
The group has 372 franchises (up from 354 a year ago), with the biggest proportion in NSW (134).
Settlements per loan consultant increased from 28 to 32.
Mortgage Choice brokers earned a collective $68 million in commission payments for originating loans, unchanged from the same six-month period in 2010.
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Economic tailwinds could prolong mortgage lending recovery: Mortgage Choice 

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Nearly one in two (46%) home owners who entered the property market less than two years ago is looking to refinance their mortgage, according to LJ Hooker Finance.
Recent home owners are more than twice as eager then the market as whole – 22% of the more than 1,000 active property participants polled by Galaxy Research on behalf of LJ Hooker Finance said they were looking to refinance their home loan in the near future.
The survey was carried out in September 2011, before the interest rate cuts of November and December and independent rate increases announced by banks this month.
Financial products comparison website RateCity.com.au recorded a 50% increase in home loan traffic in the first two weeks in February compared with the whole month of January, indicating that the appetite for refinancing might have risen even higher than levels recorded by LJ Hooker Finance in the latter half of 2011.
LJ Hooker CEO Janusz Hooker says the RBA’s decision to hold the cash rate in February should encourage consumers to review their financial situation and plan for the year ahead.
"After the 2011 interest rate cuts, home owners are closely watching the market to see what will happen next. Our research has shown that new home owners are concerned about interest rates and are very much aware that a spike in the cost of living could affect their home loan repayments,” says Hooker.
Of those planning to refinance their home loans, 20% cite interest rates as their primary concern, with a further 17% need to refinance to consolidate their debts.
The survey indicates that homeowners are concerned about the rising cost of living with almost half (42%) of those surveyed claimed they were living within their means but felt that an unexpected large bill would put pressure on their finances. "Although Australians are taking steps to ensure that they are meeting their financial commitments, new home owners are clearly feeling increased pressure to stay on top of bills and mortgage payments," says Hooker. Not all home owners are considering refinancing due to money worries.
Almost one-third (32%) of those looking to refinance were hoping to purchase a second, or investment, property, while a further 14% believe there are better home deals available.
Paul Ryan, CEO of non-bank lender Intouch Finance, says he is growing frustrated at the “spin” being put out by the major banks who continue to “cry poor” while “enjoying record profits”.
“Ultimately it’s up to the consumer to hold the banks accountable.  In the last two weeks we’ve seen an increase in rates coupled with the announcement of major job losses.  I want consumers to know that there are other options and smaller lenders who are offering cheaper rates and make service an absolute priority of their business,” says Ryan. 
Intouch Finance offers a standard variable rate of 6.7%, which is 61 basis points below that of NAB’s 7.31% standard variable rate, the lowest of the big four banks and 76 basis points lower than Westpac, which has the highest standard variable rate of the big four. 
Ryan estimates that on a $300,000 loan over 30 years, an Intouch Finance borrower would be saving $153.60 per month or $55,000 over the life of the loan compared with the Westpac customer and $122.92 per month or $44,0000 over the life of the loan compared with a NAB customer. 
“Don’t fall for the big four crying poor ” says Ryan.  “Get on the phone, get some quotes and then call your bank to find out what it’s prepared to do to keep your business.  If the answer’s nothing, then maybe it really is time to make a change.”
To find out all you need to know about refinancing your mortgage, sign up for Property Observer’s free webinar hosted by Mortgage and Finance Association of Australia chief executive Phil Naylor tomorrow at 12.30pm: <a href="https://propertyobserver.us2.list-manage.com/track/click?u=24bd0766a834290948593f5aa&amp;id=c30855319a&amp;e=a6b9e3b424" target="_blank">The Do's and Don’ts of Refinancing Your Existing Home Loan ... and How to Avoid Unnecessary Hurdles</a>
{module What do you intend to do given the current interest rate fluctuations?}
 
{module Have you changed lenders in the last six years?}
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One in two new home owners looking to refinance: LJ Hooker

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The decision by the major banks and some of the smaller banks to raise interest rates independently of the RBA is encouraging borrowers to consider refinancing with a non-bank lender, says One Big Switch founder Lachlan Harris.
Harris tells Property Observer there had been a “really, really strong reaction” to the rate rises, with borrowers “genuinely interested in smaller banks and non-bank lenders”.
“A few months ago it was all about the major banks, now the reaction is they want alternative lenders,” he says.
An ongoing poll by Property Observer has found that nearly 83% of borrowers are interested in the option of refinancing their mortgage with a different lender.
One Big Switch is currently in discussion with several other non-bank lenders, which are keen to join the campaign. One Big Switch encourages mortgage holders to consider refinancing.
To date Resimac, FirstMac, Mortgage Ezy, Mortgage Point and IMB Building Society have all participated in the program. About 1,600 out of the 40,000 borrowers who signed up have refinanced through one of these lenders. Harris says the campaign will not be relaunched but those who signed up and who have not refinanced will be given the opportunity of participating in new lender offers. “We are constantly in discussion with lenders interested in providing group discounts,” he says.
“We are always on the lookout for any lender who will offer a discount.”
Lachlan says the non-bank sector can match offers from the major banks.
“I genuinely believe Australia has a vibrant non-bank lending sector…it’s an incredible part of the market,” he says.
To learn more about refinancing, sign up for the free Property Observer refinancing webinar tomorrow at 12.30.
{module What do you intend to do given the current interest rate fluctuations?}
 
{module Have you changed lenders in the last six years?}
 
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Rate rises encourage borrowers to consider non-bank lenders: One Big Switch’s Lachlan Harris

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Bendigo &amp; Adelaide Bank has blamed rising funding costs for a 67% slump in net profits for the six months to the end of December 2011.
The bank, which will start charging variable rate borrowers an extra 0.15% in interest from tomorrow – the highest increase of all lenders to date – posted interim profits of $57.9 million, down from $173.9 million in the previous corresponding period.
Bendigo &amp; Adelaide Bank managing director Mike Hirst says the “cost of all funding channels have increased markedly over the past six months, including retail term deposits, senior unsecured and secured debt markets”.
Click to enlarge
<a href="/images/stories/bendigoadelaidec.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/bendigoadelaidethumb.gif"></a>
The net interest margin declined two basis points compared with the previous corresponding period, and fell six basis points when compared to the half year ending June 30, 2011.
“The contraction in margin, coupled with slowing credit growth and market sentiment moving investors away from higher margin wealth and equities products, has resulted in flat earnings,” Hirst says.
Over the past six months the bank has grown its mortgage book by 7.6% compared with the industry average of 7.3%.
Its total loan book stands at $46.8 billion, with 65% of this residential lending. First-home owners make up just under one in 10 mortgage holders.
During the year, the bank acquired the Bank of Cyprus (Australia), which has a loan book of $1.4 billion and 14 branches, eight of which are in Victoria.
Hirst says the economic outlook for the remaining six months of the financial year is difficult, with significant market volatility and revenue challenges facing all banks. Funding costs, changing asset mix and demand for credit are all currently problematic.
"While the future impact of these factors is difficult to predict, there is much about our business that should provide comfort to our investors," Hirst says.
"We continue to generate customer satisfaction and brand advocacy measures that are materially higher than the major banks and we are committed to ensuring we have the capacity to meet the needs of our customers.”
 
 
 
 
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